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Local business briefs - Walsh named CEO of AAIPharma-Cambridge Major Laboratories

Published: Tuesday, October 29, 2013 at 5:04 p.m.

Last Modified: Tuesday, October 29, 2013 at 5:04 p.m.

Wilmington | The new head of the merged AAIPharma-Cambridge Major Laboratories company will be a familiar face.

Patrick Walsh, the current head of AAIPharma Service Corp., was named CEO of the merged company Tuesday.

The announcement comes a day after Water Street Healthcare Partners sold AAIPharma to Cambridge's owner, American Capital Ltd., for $391 million, according to a release.

Water Street bought AAIPharma in 2009.

AAIPharma and Wisconsin-based Cambridge announced their plans to merge in early October.

The combined company employs nearly 800 employees at nine sites in five states and has a manufacturing facility in Weert, The Netherlands. That list includes a 40,000-square-foot technology center in Wilmington off North 23rd Street that AAIPharma opened last year.

Wilmington remains affordable

Wilmington | The Port City remains slightly more affordable than the average U.S. city, according to results of a national cost-of-living survey for the third quarter of 2013.

On the survey, Wilmington scored 97.3 – with the national average index being 100. Manhattan was the highest of the country's 306 urban areas with a score of 221, while Norman, Okla., was the lowest at 82.4.

The survey looks at thousands of prices from six basic categories – housing, utilities, grocery items, transportation, healthcare, and miscellaneous goods and services.

Local data for the survey, which is conducted by the American Chamber of Commerce Research Association, is collected by the Wilmington Chamber of Commerce.

Markets close at record highs

New York | Investors drove the Dow Jones industrial average to an all-time high Tuesday on expectations that the Federal Reserve will keep its economic stimulus program in place.

The Dow rose 111.42 points, or 0.7 percent, to 15,680.35. It's previous record high, set on Sept. 18, was 15,676.94.

The Fed is in the middle of a two-day policy meeting at which it's expected to maintain its $85 billion worth of bond purchases every month. That program is aimed at stimulating economic growth by keeping borrowing rates very low.

The Standard and Poor's 500 index also set a record high Tuesday. The index rose 9.84 points, or 0.6 percent, to 1,771.95 – its seventh record high this month.

<p>Wilmington | The new head of the merged <a href="http://www.starnewsonline.com/section/topic9989"><b>AAIPharma</b></a>-Cambridge Major Laboratories company will be a familiar face.</p><p>Patrick Walsh, the current head of AAIPharma Service Corp., was named CEO of the merged company Tuesday.</p><p>The announcement comes a day after Water Street Healthcare Partners sold AAIPharma to Cambridge's owner, American Capital Ltd., for $391 million, according to a release.</p><p>Water Street bought AAIPharma in 2009.</p><p>AAIPharma and Wisconsin-based Cambridge announced their plans to merge in early October.</p><p>The combined company employs nearly 800 employees at nine sites in five states and has a manufacturing facility in Weert, The Netherlands. That list includes a 40,000-square-foot technology center in Wilmington off North 23rd Street that AAIPharma opened last year.</p><h3>Wilmington remains affordable</h3>
<p>Wilmington | The Port City remains slightly more affordable than the average U.S. city, according to results of a national cost-of-living survey for the third quarter of 2013.</p><p>On the survey, Wilmington scored 97.3 – with the national average index being 100. Manhattan was the highest of the country's 306 urban areas with a score of 221, while Norman, Okla., was the lowest at 82.4.</p><p>The survey looks at thousands of prices from six basic categories – housing, utilities, grocery items, transportation, healthcare, and miscellaneous goods and services.</p><p>Local data for the survey, which is conducted by the American Chamber of Commerce Research Association, is collected by the Wilmington Chamber of Commerce.</p><p><i></p><p>– <a href="http://www.starnewsonline.com/section/topic9924"><b>Gareth McGrath</b></a></i></p><h3>Markets close at record highs</h3>
<p>New York | Investors drove the Dow Jones industrial average to an all-time high Tuesday on expectations that the Federal Reserve will keep its economic stimulus program in place. </p><p>The Dow rose 111.42 points, or 0.7 percent, to 15,680.35. It's previous record high, set on Sept. 18, was 15,676.94.</p><p>The Fed is in the middle of a two-day policy meeting at which it's expected to maintain its $85 billion worth of bond purchases every month. That program is aimed at stimulating economic growth by keeping borrowing rates very low.</p><p>The Standard and Poor's 500 index also set a record high Tuesday. The index rose 9.84 points, or 0.6 percent, to 1,771.95 – its seventh record high this month.</p><p><i></p><p>– The Associated Press</i></p>